In the latest Old Firm transfer rumours, Rangers and Celtic are both said to be in for short-term loan deals from the Premier League and the managers have now reacted.

Rangers were being linked with a sensational loan in the form of Liverpool midfielder Adam Lallana but that move has been rubbished by boss Steven Gerrard. He said there was no truth to claims that Rangers were in for the England international, who has started just two Premier League games during an injury-hit season.

Meanwhile, Celtic are in negotiations with Manchester United over a loan deal for midfielder Scott McTominay, according to the Sky Sports. That's after manager Brendan Rodgers refused to comment on 'any player that we've asked about.' Rodgers did admit that McTominay is a 'very good young player' and Sky Sports responded with the claim that Rodgers' club are 'continuing negotiations' with United.

What about the rest of the Old firm transfer rumours?

First up, Talksport presenter Jim White has claimed that Rodgers was due to meet club officials on Wednesday to discuss two signings, one of them Everton's James McCarthy. Everton are thought to be willing to let the 28-year-old leave on loan for the remainder of current campaign, given that he has yet to feature for the first team this season, having recently returned from a broken leg.

So who was the second player to be discussed at this Celtic Park meeting? Well White says that 27-year-old right-back Omar Elabdellaoui is also under consideration, having been tipped as a potential long-term replacement for 32-year-old Mikael Lustig. Elabdellaoui, currently at Olympiakos, is expected to cost around £4m.

There's one player that could cause a potential transfer tussle between the two Old Firm clubs. Fulham midfielder Matt O'Riley is attracting interest from both Celtic and Rangers, according to Sky Sports. The 18-year-old has played three League Cup ties for his current club and Sky claim that Stuttgart, RB Leipzig and Borussia Dortmund as well as Leeds United and Norwich will provide plenty of competition for his services.